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Economy Finance

How To Create More Money This 2021

The goal is to make a daily progression

If you are thinking that 2020 sucks a lot, well I can’t blame you. But let me stop you there. According to a recent survey done in the Philippines, 13.1 million families consider themselves poor.

Do you feel the same way since the Pandemic helps us realize that our finances can be ruin in a snap with a single catastrophic phenomenon?

As a financial planner who talks to a lot of people and speaks into a different organization, my goal is to help you understand how to bounce back and have more buffer by next year.

The faster you apply the principles this can help you create an advantage by the first quarter of 2021.

Let me just share with you effective strategies to download into your habit

Audit your current finances today – When was the last time you review your existing situation? When did you even evaluate your current expenses and assets? Are you increasing your net worth every month? Why are you not capable of saving money? What’s the biggest cost or unnecessary expenses that you got today that’s why your savings account is either in zero balance or you got a ship that’s sinking?

I still believe that being self-aware can help you get to a different level. It’s not easy to have a transformation, it takes time, and you might get frustrated but do you want to be poor next year or do you want more meaningful progression?

2. Get educated – Workplace financial program is not enough here in the Philippines, employers don’t have that program yet. They haven’t installed it into the employee retention programs. But you should not blame your employers for not doing it. A big bank in BGC told me that they don’t care so much how their employees spend their money, that’s their prerogative.

The best way is to educate yourself today by watching Youtube Videos or Tutorials for free about money management. This is the age of information and data is the new oil. While I’m writing this article, there’s this question that bothers me a lot. “Shall we blame someone if we end up poor at the age of information?” Upon deeply thinking about it. I can’t put anyone to blame if you end up poor right now. Imagine, all info is already at the tip of your fingertips. Why not use it right now?

3. Hire a Financial Advisor – When I got scammed last 2009, I made the mistake of hiring someone who doesn’t have a license at all. I just gave my money to that person by giving me so-called financial advice. It wasn’t professional and it was only based on his opinion and biases. Today, if you want to grow your finances, you must have legitimate financial advice. This person must take care of your resources and give value to your end all the time.

Ask the financial advisor the following

  • What can I expect from you as my FA?
  • How can you help me along the way to grow my finances?
  • What differentiates you from the rest?
  • Why should I trust you?
  • How many times a year shall I expect a policy review
  • What are those charges that I need to pay by hiring you?

4. Avoid Credit Card (Consumer Debts) – Having a Credit card is good but being in debt due to wreckless spending will put you in a neck-deep situation. It’s like a gun that you can use, it’s either to kill the enemy or it can also kill you if you made a wrong move.

Here’s an interview that I had PROBE Team regarding Real credit card problems and solutions.

5. Explore Gig Economy – Millennials are driving the workforce today and it’s also the leading generation about making a lot of gigs.

Side gigs mean

  • Freelancers 
  • Consultants
  • Independent contractors and professionals
  • Temps (temporary contract workers)

Gig economy statistics show a free market system where organizations and independent workers engage in short-term work arrangements. BLS data suggest that in 2017 the US gig economy had 55 million participants. It’s estimated that 36% of US workers take part in the gig economy and 33% of companies extensively use gig workers.

6. Take care of your health – One of the best ways not to incur any financial losses is to help yourself by being healthy. Doing regular exercise can bring you good fortune plus help you get rid of the unhealthy cholesterol that can cause a heart attack.

A 2019 research conducted by Philcare, a local health maintenance organization (HMO) provider, concluded that the cost of getting sick in the Philippines is unbearable to most Filipinos. Their Philippines Wellness Index data revealed that 37 per cent max out their savings while 25 per cent rely on their relatives to settle hospital bills.

7. Understand the difference between gambling and investing – Making necessary decisions towards investment is not easy especially if you are new. The goal is to make a daily progression, not a big leap, or else you might end up getting injured.

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David Angway
Written By

David helps people set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client’s net worth and help them accomplish their financial objectives. Follow him on LinkedIn.

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